By: Mahmoud Gamal
Dubai – Mubasher:
The Dubai Financial Market’s (DFM) main index rose in the third quarter of 2017, pushed by leading shares.
The main index registered a quarter growth of 5% or 172 points to 3,563.99 points.
The markets achieved positive results in the third quarter backed by the news of the big companies, on top of which Emaar and the expansion of its units, Mena Corp financial analyst Issam Kassabieh told Mubasher.
The real estate sector levelled up 11% in Q3-17 after Emaar increased by 9.12% on back of news related to the new projects.
The investment sector grew 8.5% after Dubai Investments rose 11.5%.
The banks sector went up 4.5% after Dubai Islamic Bank (DIB) gained 6%.
The shares have reached attractive levels comparing to the Price–earnings ratios of the other regional and international markets, Kassabieh added.
The trading volume in Q3-17 was 9.22 billion shares, generating AED 13.73 billion.
In terms of the monthly performance, the main index declined 2.02% month-on-month or 73.56 points to 3,637.55 points in September.
The real estate sector led losers, shedding 2.8%, after Arabtec, Drake & Scull, and Emaar lost 10%, 1.3%, and 0.11%, respectively.
The investment slipped 1.16% after the Dubai Financial Market (DFM) declined by 1.2%.
Trading’s results in September was negative owing to the investors cautiousness, which dragged down the trading value, Kassabieh continued.
The financial analyst at Menacorp expected that the market will see big increases in October in view of the approaching results of the petroleum sector’ gains.
Some sectors will grow in the last quarter of 2017, especially the insurance sector, before the imposing of the excise tax, he concluded.
The trading volume was 2.24 billion shares in September, generating AED 3.3 billion.
Translated by: Muhammad Abdulwakeel
